On Monday, Twitter’s blue bird was changed by a Shiba Inu dog, increasing the market worth of the meme coin by much to $4 billion. Twitter had previously used a bluebird as its logo.
The token, which was created in 2013 as a parody of the cryptocurrency craze and has no real use, increased in value on Tuesday from 7 cents to 10 cents around 1500 Eastern Standard Time as Elon Musk indicated in a tweet that he had kept his promise to change the social media app’s logo to the dogecoin dog.
According to the data website CoinMarketCap.com, dogecoin is currently the seventh largest cryptocurrency with a market valuation of $13.7 billion. Before the news, its market worth was about $10 billion.
Musk, who is the second-richest person in the world according to Forbes, is an outspoken supporter of cryptocurrencies and has historically had a significant impact on the price of dogecoin and bitcoin.
The CEO of Tesla (TSLA.O) requested a U.S. judge on Friday to dismiss a $258 billion racketeering claim that he ran a pyramid scheme to support dogecoin.
As Musk, known as “the dog father” by retail traders, finalized a $44 billion deal to acquire Twitter, Dogecoin more than doubled in value in October.
The cryptocurrency exchange Binance, which contributed $500 million to Musk’s acquisition of Twitter, has previously stated that it was considering ways that blockchain technology and cryptocurrencies may benefit Twitter.
Twitter has yet to reveal any cryptocurrency-specific projects, a year later, according to Stéphane Ouellette, CEO of digital asset investing firm FRNT Finance (FRNT.V).
“It remains to be seen whether the appearance of the DOGE logo is more than a joke.”
The shiba inu token, a spinoff of dogecoin which trades in fractions of cents, rose 5.6% to $0.000014 on Tuesday.
